Getting to know money- and yourself

MANILA, Philippines – Have you ever dared to ask yourself this question: If money were a person, who would it be? What will he or she look like? Is he or she going to be a friend, a special someone, a parent or an enemy?

Reality TV show star and Canadian entrepreneur Kevin O’Leary said, “Here's how I think of my money: As soldiers. I send them out to war everyday. I want them to take prisoners and come home, so there's more of them.”

The way you think about money directly impacts your financial behavior and decisions. If you think you need to change the way you view money and get to know yourself a little bit more in this area of your life, you will need to consider these following principles:

1. Get rid of guilt.

If you must start anew with your financial life, you should forget the past and the guilt from your mistakes. Focus on the future instead. Shun those thoughts that keep reminding you of what you should have done before with your finances so you could have been this and that today. Those thoughts will never help.

Consider investing in the market. There are many ways to do so. Begin by exploring your options. You can also open a small business or a savings account (if you haven’t done so before) to start getting your finances in order.

2. Be friends with money.

Some people say that money is your friend only if you know how to manage it. But that might not be the case all the time. You can start friendship with money by knowing what it should and should not be. Learn how to manage it. Practice wise financial habits. Make the most out of the online resources, books and seminars that talk about these things. 

3. Remember that you are in control.

To help ourselves out, we can pretend for a while that money is a person. But the hard truth is it is an object which you can have control over. You can do whatever you want with it. While this is the case though, don’t forget that you should also be a good steward of money. Keep some for emergencies. Avoid overspending. Pay your bills on time. Make money work for you.

4. Share what you have.

Are you afraid to give? Someone once said that wealth is measured not by what you have but by how much you give. Giving plays a significant role in our financial lives. In many cases, giving yields the maximum ROI. You can share your money for a good cause like getting involved in a charitable activity.

So, who is money to you? Remember: If you change the way you think about money for the better, your financial attitude and decisions will never be the same.